DC Strikes a Deal as Default Deadline Looms

In an 11th-hour agreement, Senate leaders announced they reached a short-term deal to reopen the government and raise the Treasury's debt limit. Timing of the votes in both the Senate and House are still being worked out. Here are the details of the plan we know so far:

*Bill would fund federal agencies at current spending levels through January 15th

*Borrowing authority would be extended through February 7th

*A committee would be established to address long-term fiscal solutions

Meanwhile, stocks rose across the board with all three major averages closing higher by over 1%.

The Yahoo Finance team along with top financial commentators sounded off on the deal ahead of the market close on Wednesday October 16th. That conversation can be found via Storify right here.